Pension Investment Fraud Teresa Jackson
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Retired teacher Teresa Jackson believed she had met a highly credible expert with significant knowledge in bitcoin. After investing £120,000 ($155k USD) this individual went silent and she realized that she had been scammed. She got back half of her money from her bank.
This is a global/international case not involving a specific country.[1][2][3]
About Unknown
Teresa Jackson was a retired teacher from Portishead, Somerset. The 63-year-old got impressed by a Bitcoin investment plan advertised on Instagram and started contemplating whether to place some of her funds in it.
Shortly after entering the mysterious project, she was contacted by an individual who claimed to be a financial advisor with substantial knowledge about Bitcoin. The anonymous man supposedly sounded very thrust-worthy and persuaded Jackson to invest £120,000, which was actually her pension pot and life savings.
She sent the money and tried to check what happened with her investment. Unfortunately, there was no answer from the “advisor,” and the funds were irrevocably gone:
“I felt embarrassed and stupid. My family trusted me to know what I was doing. I am on Universal Credit now, simple as that. I’m comfortable but I can’t have the life I used to have.”
Ms. Jackson received back half of her money from her bank when she informed them about the scam. However, the institution was unable to restore the full amount because she transferred the cash herself.
"Retired teacher Teresa Jackson has been forced to go on to Universal Credit after the fraudsters took all of her pension pot and life savings."
This is a global/international case not involving a specific country.
The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Include:
- Known history of when and how the service was started.
- What problems does the company or service claim to solve?
- What marketing materials were used by the firm or business?
- Audits performed, and excerpts that may have been included.
- Business registration documents shown (fake or legitimate).
- How were people recruited to participate?
- Public warnings and announcements prior to the event.
Don't Include:
- Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
- Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| June 19th, 2021 11:05:59 AM MDT | TheCryptoPotato Article | TheCryptoPotato shares the story online. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost has been estimated at $155,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
Total Amount Recovered
The total amount recovered has been estimated at $77,000 USD.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.